Sable Offshore (NYSE:SOC) Trading Down 13.7% – Here’s Why

Shares of Sable Offshore Corp. (NYSE:SOC) were down 13.7% during trading on Thursday . The stock traded as low as $17.00 and last traded at $17.05. Approximately 2,113,962 shares were traded during trading, an increase of 102% from the average daily volume of 1,045,453 shares. The stock had previously closed at $19.76.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. BWS Financial reissued a “sell” rating and issued a $6.00 target price on shares of Sable Offshore in a research report on Tuesday, March 18th. Roth Capital set a $30.00 price target on shares of Sable Offshore in a research note on Thursday, March 27th. Pickering Energy Partners started coverage on shares of Sable Offshore in a research note on Tuesday, December 17th. They issued an “outperform” rating for the company. Benchmark restated a “buy” rating on shares of Sable Offshore in a research report on Tuesday, March 18th. Finally, Roth Mkm assumed coverage on shares of Sable Offshore in a report on Thursday, March 27th. They issued a “buy” rating and a $30.00 target price for the company. One research analyst has rated the stock with a sell rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $27.50.

Sable Offshore Stock Up 6.1 %

The stock has a fifty day moving average price of $24.76 and a two-hundred day moving average price of $23.43. The company has a debt-to-equity ratio of 4.86, a current ratio of 3.50 and a quick ratio of 3.34.

Institutional Investors Weigh In On Sable Offshore

Hedge funds and other institutional investors have recently modified their holdings of the stock. Rhumbline Advisers lifted its holdings in shares of Sable Offshore by 8.1% in the first quarter. Rhumbline Advisers now owns 71,815 shares of the company’s stock valued at $1,822,000 after purchasing an additional 5,402 shares in the last quarter. GAMMA Investing LLC boosted its position in Sable Offshore by 2,920.0% during the 1st quarter. GAMMA Investing LLC now owns 31,408 shares of the company’s stock worth $797,000 after acquiring an additional 30,368 shares during the period. California State Teachers Retirement System increased its holdings in shares of Sable Offshore by 29.0% in the 4th quarter. California State Teachers Retirement System now owns 31,856 shares of the company’s stock valued at $730,000 after purchasing an additional 7,152 shares during the period. Toronto Dominion Bank acquired a new position in Sable Offshore in the 4th quarter valued at approximately $344,000. Finally, GF Fund Management CO. LTD. purchased a new stake in shares of Sable Offshore during the fourth quarter worth $451,000. 26.19% of the stock is currently owned by institutional investors.

About Sable Offshore

Sable Offshore Corp. engages in the oil and gas exploration and development activities in the United States. The company operates through three platforms located in federal waters offshore California. It owns and operates 16 federal leases across approximately 76,000 acres and subsea pipelines, which transport crude oil, natural gas, and produced water from the platforms to the onshore processing facilities.